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F E D E R A L R E S E R V E BANK OF N EW YORK Fiscal Agent of the United States for the Tennessee Valley Authority r TVA Offering No. 4 7 1 L April 14, 1969 J Invitation for Bids on $100,000,000 of 126-Day TENNESSEE VALLEY AUTHORITY POWER NOTES Dated April 24, 1969 Due August 28, 1969 To Certain Commercial Banks, Trust Companies, and Dealers in Investment Securities: Following is the text of an invitation authorized by the Tennessee Valley Authority to be issued today to certain commercial banks, trust companies, and dealers in investment securities: Tennessee Valley Authority ( “ T V A ” ) hereby invites bids for the purchase to the aggregate amount o f $100,000,000 of its Pow er N otes ( “ N otes” ) dated April 24, 1969, due August 28, 1969. The N otes will be issued on a discount basis and at maturity their face amount will be payable without interest at the Head Office o f the Federal Reserve Bank of N ew Y ork. T h ey will be issued in bearer form in denominations o f $5,000, $10,000, $100,000, and $1,000,000 (maturity value). Denom ina tional exchanges may be effected at the H ead Office o f the Federal Reserve Bank o f New Y ork. Bids will be received at the Securities Departm ent o f the Head Office of the Federal Reserve Bank o f N ew Y ork up to the closing hour, 1:30 p.m., Eastern Standard time, Tuesday, April 22, 1969. N o bids will be accepted for a face amount of N otes less than $1,000,000. Bids must be for an even multiple o f $5,000 and the price offered must be expressed on the basis o f 100, with not m ore than three decimals, e.g., 99.925. Frac tions may not be used. It is urged that bids be made on the printed form s and forwarded in the special envelopes which will be supplied by the Federal Reserve Bank o f New Y ork upon application therefor. Invitations for bids are being issued to certain commercial banks, trust companies, and dealers in investment securities. Other com m ercial banks, trust companies, or recognized dealers in investment securities desiring to bid may do so on bid forms obtained from the Federal Reserve Bank o f N ew Y ork. Bids submitted hereunder must be for the principal account o f the bidder and not for the account of others. Immediately after the closing hour, bids will be opened at the Federal Reserve Bank of N ew Y ork, follow ing which public announcement will be made by T V A of the amount and price range o f accepted bids. Those submitting successful bids w ill be inform ed by the Federal Reserve Bank of N ew Y ork of the acceptance thereof. T V A expressly reserves the right to accept or reject any or all bids, in w hole or in part, and the action of T V A in any such respect shall be final. Settlement for accepted bids must be made at the Federal Reserve Bank of N ew Y ork on A pril 24, 1969 in cash or other immediately available funds. The Notes will be issued to assist in providing capital for the pow er program of T V A . T h ey will be negotiable. Th ey will be payable solely from T V A ’s Net P ow er Proceeds (but may, at the option o f T V A , be paid from the proceeds of refunding obligations or other funds legally available for such paym ent). Net P ow er Proceeds are defined in, and required to be applied according to, the Basic Tennessee V alley Authority Pow er Bond Resolution ( “ Basic Resolution” ). The N otes will not be obligations of, nor will payment thereof be guaranteed by, the United States o f Am erica. Incom e derived from the N otes will be subject to Federal incom e taxation; but in the opinion of the General Counsel for T V A , under present laws and decisions, the N otes will be exempt from personal property taxes and the incom e therefrom will be exem pt from incom e taxes, now or hereafter imposed, by any State or local taxing authority. Circulars describing Tennessee Valley A uthority and P ow er Notes issued by it, as well as copies o f the Basic Resolution and periodic financial reports, may be obtained upon request directed to T V A ’ s D irector o f Inform ation, K noxville, T e n nessee, or to the Federal Reserve Bank of N ew Y ork. This Bank will receive bids in accordance with the foregoing invitation up to 1 :30 p.m., Eastern Standard time, Tuesday, April 22, 1969, at the Securities Department of its Head Office. Please use the form on the reverse side of this notice to submit bids and return them sealed in the enclosed envelope marked “ Bid for T V A Power Notes.” Bids may be submitted by telegraph, subject to written confirmation; they may not be submitted by telephone. Settle ment must be made in immediately available funds at this Bank on Thursday, April 24, 1969. A lfred H ayes, President. ( over) No................................. Bid for 126-Day Tennessee Valley Authority Power Notes Dated April 24, 1969 Due August 28, 1969 Dated a t ....................................................... ............................................................ 1969 To F e d e r a l R e s e r v e B a n k o f N e w Y o r k , Fiscal Agent of the United States for the Tennessee Valley Authority: Pursuant to the provisions of the Invitation for Bids issued by Tennessee Valley Authority inviting bids for the above-described Power Notes and printed on the reverse side hereof, the undersigned hereby offers to purchase such Power Notes in the amount indicated below, and agrees to make payment therefor at your Bank on or before the issue date at the price indicated below: $ .................................................... (maturity value) or any lesser amount that may be awarded. Price...................................... per 100 (P rice must be expressed with not more than three decimal places, for example, 99.925) Subject to allotment, please issue, deliver, and accept payment for the Notes as indicated below: * If this item is checked, the undersigned hereby certifies that the N otes to be held in safekeeping will be owned solely by the undersigned. Payment will be made as follow s: □ By check in immediately available funds □ B y charge to our reserve account □ B y wire transfer from another Federal Reserve Bank or Branch Name o f subscriber ............................................................................... (Please print) B y ................................................................................................................ (Authorized corporation officer or partner) Title ............................................................................................................ Address ..................................................................................................... I N S T R U C T IO N S : 1. Submit all bids sealed in an envelope marked “ Bid for T V A Pow er Notes.” 2. N o bid for less than $1,000,000 will be considered and each bid must be for an even multiple o f $5,000 (maturity value). 3. I f the language o f a bid is changed from the foregoin g in any respect, which, in the opinion o f the Pow er Financing Officer o f Tennessee V alley Authority, is material, the bid may be disregarded.
@FedFRASER